Trinidad and Tobago’s government contributions to sovereign wealth fund plummet

Although average crude oil prices in 2012 were at “historically high levels,” for the second time in its history, government contributions to the Heritage and Stabilisation Fund, T&T’s sovereign wealth fund, have plummeted. Contributions to the Heritage and Stabilisation Fund have been falling steadily, since it recovered from a US$0 contribution in 2009. It fell from US$477.3 million in 2010, to US$451 million in 2011, to US$207 million in 2012, and now to US$42 million in 2013.
Opening the budget debate in the Senate on September 20, two days after it was approved in the Lower House, Minister of Finance and the Economy Larry Howai confirmed the second lowest contribution in the fund’s history when he said: “The net asset value of the Heritage and Stabilisation Fund stood at approximately US$5 billion at the end of fiscal 2013 [Desk thumping] while transfers to the fund over the period amounted to US$42 million.”……………………………………….Full Article: Source